Mapfre Says Turkey Key to Its Expansion; Acquires Motor Repair Firm

October 18, 2012

Turkey holds strategic significance for insurer Mapfre in its plans to expand into East Europe and the Middle East, the chairman of the company said in remarks in Istanbul.

Antonio Huertas confirmed his company’s long-term commitment to Turkey and the importance of its subsidiary in Turkey, Mapfre Genel Sigorta, as a platform for expansion.

Huertas said that the Turkey subsidiary has “a great opportunity to become the leading company in the Turkish insurance market.”

During his first visit to the country, Huertas underscored the importance of Turkey in the company’s international structure and expressed his confidence that “it will become one of the largest” Mapfre Group companies.

Huertas also announced the acquisition of 51 percent of Genel Servis, a motor services company that performs an average of 12,000 repairs a year and has 145 employees. He said this operation is aligned with Mapfre’s growth strategy in Turkey and is aimed at consolidating Genel Servis as one of the leading motor service providers in the region.

Was this article valuable?

Here are more articles you may enjoy.